REG - Hamak Gold Limited - Operational Update & Issuance of Director Shares

Hamak GoldAnnouncement

14/11/2023 07:00

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RNS Number : 2931T  Hamak Gold Limited  14 November 2023

 

 

 

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INDIRECTLY IN OR INTO AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF SOUTH AFRICA,
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JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS
OF SUCH JURISDICTION.

14 November 2023

Hamak Gold Limited

("Hamak Gold" or the "Company")

Operational Update

Issuance of Director Shares

Hamak Gold Limited (LSE: HAMA) is pleased to provide an operational update on
the Company's 100% held Nimba Licence in Liberia.

Highlights

·    Independent detailed geological review undertaken on all exploration
work and results yielded to date to assist in targeting priority areas related
to the high-grade Ziatoyah gold discovery in the Nimba Licence

 

·    A programme of detailed structural mapping, pitting and trenching
followed by further drilling is recommended to test key targets that are
associated with the significant gold mineralization discovered at Ziatoyah, as
well as testing the broader 3 kilometre ("km") x 1 kilometre ("km")
geochemical soil anomaly which remains unresolved

 

·  Drilling completed over 13 geophysical and structural targets with four
holes yielding mineralized gold intersections with low-grade values

 

Karl Smithson, Executive Director of Hamak Gold commented:

"Our understanding of the geology and structural controls have been
significantly improved through the drilling and detailed independent review of
all exploration data accumulated to date by the Company's technical
consultant.  The exploration model has been refined to target areas
associated with structural continuity of the high-grade gold metasedimentary
assemblages at the Ziatoyah discovery.  Importantly, most of the extensive
3km x 1km strong gold in soil anomaly remains unresolved in its entirety and
requires further detailed investigation. A structured work programme is being
established to advance the next phase of work across a number of priority
targets at Nimba."

Geological Review and Recommendations

The Company's independent consulting geologist, Dr Colin Andrew, has reviewed
all exploration data and results related to the Nimba licence, including;

-     1,873 geochemical soil sampling results which revealed an extensive
3km x 1km gold in soil anomaly with numerous strong gold peaks (occasionally
>1 ppm)

-     554m of trenching and 552 assay results

-     66m of surface channel sampling and 43 assay results

-     1,450 metres of drilling and 477 assays of drill core

-     486 structural readings from surface outcrop mapping and orientated
drill core

-     22 line kilometres of geophysical survey (Gradient & Induced
Polarisation)

-     29 stream sediment samples and 43 element analyses

-     26 rock chip samples and 24 assay results

This in-depth report endeavoured to establish the potential controls to the
gold mineralization and to define future targets.

 

A detailed 3D structural interpretation was undertaken of the orientated drill
core, as well as surface outcrop mapping, around the localised Ziatoyah
discovery area. The current interpretation is that gold mineralization is
preferentially hosted within mafic metasediments, such as those intersected in
the discovery hole at Ziatoyah (20m @ 7g/t Au). Similar lithologies are seen
in other drill holes and are associated with above background gold values,
supported by the presence of marmorized carbonates within the metasediment
packages intersected. It is considered that these assemblages pre-date the
principal North East faulting seen in the area and are folded in between the
fault zones.

 

A number of priority targets have been recommended for follow-up from the
review.  These targets are associated with known gold in soil anomalies as
well as possible extensions of structures and metasediments associated with
the high-grade Ziatoyah drill intersection and positive surface channel
sampling results.

 

The next phase of exploration work will include detailed surface mapping,
pitting/trenching and channel sampling. A low-cost handheld ground magnetic
survey over the broader gold-in-soil anomalous area is also recommended. This
work will be followed by drilling of positive anomalous values and structural
targets to test the extent of the Ziatoyah mineralization.

 

Figures 1 to 5 are taken from the geological report and are presented here for
information.

 

Drilling Update

A total of 13 drill holes, for 1,001 metres ("m"), were drilled over a
selection of Induced Polarisation ("IP") and structural targets generated from
the recent geophysical survey across a small area in the vicinity of the
Ziatoyah gold discovery.  Assays from 232 samples of selected drill core
(including QA/QC samples) were completed by ALS Ghana. The drill holes that
tested the IP targets were broadly negative and did not intersect meaningful
gold mineralization.

Drilling of structural targets, however, proved more successful with four
holes returning intersections of low-value gold mineralization. Drilling to
date over a limited area in the vicinity of the Ziatoyah gold discovery has
produced the following significant intervals of gold mineralization:

 Table 1: Significant downhole gold intercepts:

 Hole       From  To    Length  Estimated True width (m)  Grade

            (m)   (m)   (m)                               (g/t Au)

 NZ22-001   29    49    20      ~16.0                     6.98
 including  35    48    13      ~X                        10.24
            39    40    1                                 47.10
            85    87    2       ~0.8                      1.19
 NZ22-002   31    32    1       ~1.0                      0.38
 NZ22-003   134   138   4       ~3.5                      1.05
 NZ23-002   57    59    2                                 0.71
 NZ23-004   34    40    6                                 0.14
            61    67    6                                 0.22
 NZ-23-006  43    45    2                                 0.78
 NZ-23-010  9     11    2                                 0.71

 Note: Intersections calculated above at 0.3 g/t Au cut-off with no top cut
 applied and a maximum internal waste interval of 2.0m

 

 

Figure 1: Geological map of Liberia showing the locations of current gold
mining operations and localities and the Hamak Gold Nimba Permit

 

 

Figure 2: Ziatoyah Area Showing Drill Collars, Interpreted Structural Features
and Gold in Soil Values (contoured at Mean, Mean + 1std Dev, Mean + 2 std dev
and Mean + 3std dev.)

 

 

Figure 3: Section through drill holes NZ22-001 and -002 showing the
correlation of mineralized intercepts with surface trenching/chip sampling

 

 

 

Figure 4: High-grade gold assay results intercepted in drill core (NZ22-001)

 

 

Figure 5: Combination of lineaments showing the pronounced NE to NNE trend
across the Nimba licence

and Ziatoyah Prospect area.

 

Issue of Director Fee Shares

As outlined in the Company's Prospectus, to conserve funds, the Directors of
the Company agreed to accept shares in lieu of fees, at a deemed price of 10
pence per share, for a period of 18 months following the date of Admission to
the London Stock Exchange ("LSE"), to be received quarterly in arrears ("Fee
Shares").

For the period of 1 June 2023 to 31 August 2023, a total of 415,472  Fee
Shares will be issued to the Directors of the Company as follows:

 Name              No. of Shares
 Amara Kamara      145,000
 Karl Smithson     125,000
 Julius Baiden     50,000
 Niall Young       50,000
 Martin Lampshire  45,472
 Total             415,472

 

Admission and Total Voting Rights

The Company has made applications to the Financial Conduct Authority ("FCA")
and the LSE to have 415,472 Ordinary Shares admitted to the Standard Listing
and to trading on the Main Market with Admission expected to occur on or
around 16 November 2023.

On Admission, the Company's issued share capital will comprise 50,563,522
Ordinary Shares, with each Ordinary Share carrying the right to one vote.
Accordingly, the total number of voting rights in the Company will be
50,563,522 and this figure may be used by shareholders as the denominator for
the calculations by which they will determine if they are required to notify
their interest in, or a change to their interest in, the Company under the
FCA's Disclosure Guidance and Transparency Rules.

Following the fee shares issue, the Directors holdings are as follows:

 Name              Shares Held  % of Issued Share Capital
 Amara Kamara      25,171,976   49.78%
 Karl Smithson     4,826,391    9.55%
 Martin Lampshire  1,720,505    3.40%
 Julius Baiden     661,817      1.31%
 Niall Young       511,817      1.01%

 

For the purposes of UK MAR, the person responsible for arranging the release
of this announcement on behalf of Hamak Gold is Karl Smithson, Executive
Director.

For further information you are invited to view the Company's website at
www.hamakgold.com or please contact:

 Hamak Gold Limited

 Amara Kamara                         +231 (0) 77 005 0005

 Karl Smithson                        +44 (0) 77 837 07971
 Peterhouse Capital Limited (Broker)  +44 (0) 20 7469 0930

 Lucy Williams

 Guy Miller

 Yellow Jersey PR                     +44 (0) 20 3004 9512

 Sarah Hollins

 Annabelle Wills

 

About Hamak Gold Limited

 

Hamak Gold Limited (LSE: HAMA) is a UK listed company focussed on gold
exploration of a portfolio of licences in highly prospective areas of Liberia,
where significant drilling results have identified a new high-grade gold
discovery with the discovery hole returning 20m @ 7g/t Au near surface.

 

 1    Details of the person discharging managerial responsibilities / person closely

    associated

 a)   Name                                                         1. Nicholas Karl Smithson

                                                                   2. Samuel Julius Baiden

                                                                   3. Kenneth Niall Young

                                                                   4. Amara Kamara

                                                                   5. Martin Lampshire
 2    Reason for the notification

 a)   Position/status                                              1. Executive Director

                                                                   2. Non-Executive Director

                                                                   3. Non-Executive Director

                                                                   4. Executive Chairman

                                                                   5. Non-Executive Director
 b)   Initial notification /Amendment                              Amendment

 3    Details of the issuer, emission allowance market participant, auction

    platform, auctioneer or auction monitor

 a)   Name                                                         Hamak Gold Limited

 b)   LEI                                                          213800NL4ICLKYSYU749

 4    Details of the transaction(s): section to be repeated for (i) each type of

    instrument; (ii) each type of transaction; (iii) each date; and (iv) each
      place where transactions have been conducted

 a)   Description of the financial instrument, type of instrument  Ordinary Shares of no par value each

      Identification code

                                                                   ISIN: VGG4256S1048

 b)   Nature of the transaction                                    Issue of Fee Shares (as applicable)

 c)   Price(s) and volume(s)                                        Price(s)     Volume(s)

                                                            1. N/A        1. 125,000

                                                                   2. N/A        2. 50,000

                                                                   3. N/A        3. 50,000

                                                                   4. N/A        4. 145,000

                                                                   6. N/A        6. 45,472

 
 d)   Aggregated information                                       415,472

      Price                                                        N/A
 e)   Date of the transaction                                      14 November 2023

 f)   Place of the transaction                                     Outside a trading venue

 

d)

 

Aggregated information

 

Price

415,472

 

N/A

e)

 

Date of the transaction

14 November 2023

f)

 

Place of the transaction

Outside a trading venue

 

 

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